Why is Pendle crypto (PENDLE)’s DeFi interface is so unique?
The Decentralised finance (DeFi) has seen significant growth in creating economic value in the last one year or so. Therefore, it’s not surprising to see the evolution of various lending programs and on-chain strategies, which are aimed at value creation for the users.
One such token is the Pendle token (PENDLE), which seems to have caught the attention of the market participants as a popular DeFi yield trading protocol. Operating on top of the Ethereum and Avalanche network, Pendle crypto was created to provide solutions for issues related to yield volatility and users’ better yield. It offers trader the opportunity to gain exposure to future revenue streams without any collateral.
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On 17 March, the token has been witnessing a healthy rally of over 20% and a volume gain of over 130%.
What makes Pendle unique?
The Pendle allows holders of the high yield-generating assets to produce additional yield by locking their future yield upfront. The users can mint ownership tokens and yield tokens by depositing yield generating assets in the Pendle ecosystem. The users can then trade asset yield by swapping the tokens on Pendle’s automatic market maker (AMM).
On 1 March, the project launched its Project Permissionless, which aims to bring in superfluid liquidity and unlock the liquidity potential. Besides, through Project Permissionless, the developers can help create a greater ecosystem by building the framework on top of yield tokens.
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Performance so far
The 807th ranked Pendle token has been witnessing a mini rally in the last week. After seeing trailing by close to 35%, the token has managed to recover some of its losses with a rally of 8.2% in the last 7 days. The Pendle token on Thursday was trading at US$0.166016 with a 24-hour trading volume of US$2,653,959, as per CoinMarketCap. The Pendle crypto was up by 21.59% and was enjoying a live market cap of US $15,802,424 with 95,612,926 PENDLE coins in circulation.
Pendle’s rise from a bearish phase should be pleasing for the investors. It was looking out for such a rally to pull itself out from the lows. Now, the market participants will be expecting that it could stay there for a while. Investors and market participants should know that cryptos are volatile assets, and their prices can fluctuate every hour. Therefore, one must do market research before getting into it.
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